Bitcoin Cash Miners Started Processing 8 MB Blocks: What Does it Mean?

Litecoin
gets tagged by August-forked bitcoin cash as the normal transaction volume of each of them approaches to the same margin. At the same time, for around two days, bitcoin cash miners have been working on an array of big blocks, sized from 2 MB to 8 MB. Meanwhile, BCH transaction fees kept been relatively moderate.

BCH Mining Out Of The Box

Since August, when bitcoin cash was forked out of bitcoin, there have been produced approximately 34,350 BCH blocks. Furthermore, bitcoin cash outperforms its father by over 8,714 blocks. And recently, for about two days, the miners of BCH have demonstrated something extraordinary – they have been working on bigger blocks, which have almost been reaching 8 MB in size.

As the website
Johoe’s mempool page
displays, blocks sized over 2 MB step-by-step have been clearing the transaction tail, called bitcoin cash’s memory pool. Since the beginning of BTC history, the size of median bitcoin cash transaction of 226-bytes has not exceeded the margin of
$0.02,
whereas low bitcoin cash fees have been up to 11 cents for 226 sized operations.

According to
News.Bitcoin.com,
BCH supporters have been cheerful because big 2-8 MB blocks have been processed. Among mining pools, which worked on them, are Viabtc, Antpool, and BTC.top. Bitcoin cash
intervals
occur every 10-20 minutes.

However, as skeptics say people don’t use bitcoin cash network often even though the fees are not high and waiting time is not extended. But interestingly, BCH is getting close to the litecoin’s net every day
operation speed.
It is even better than the everyday transactions of 90% of over 1,000 other altcoins.

Beating Bitcoin

Right now, there are only 7,000 BCH transactions awaiting verification. That’s an excellent result in comparison to bitcoin, as in its mempool there are about 120,000 unverified transactions. But what BTC is demonstrating currently is already an achievement. About three weeks ago, when the price of this coin was approaching the margin of $19,000, there were up to 300,000 transactions waiting in the queue, which is an anti-record for bitcoin.

When it comes to fees, bitcoin is losing again. Utilizing its net for conducting a 226-bytes operation would cost $16 per tx. That’s too much in comparison to what bitcoin cash offers. In the space of the last two weeks, the number of BTC awaiting transactions has not lowered the margin of 100,000. Therefore, sometimes transactions fees could be as high as $50.

Important to mention, the smallest recent rate of $16 relates only to 226-byte operations. But if there are more data, the fees will grow exponentially. It means that those, who run businesses, have to deal with charges, worth of thousands of dollars. On the other hand, large transactions usually cost just a few pennies more.

A Good Pattern To Follow

The fact that BCH miners started working on larger blocks is already positive news. From now, bitcoin cash community and not only will be able to observe how such phenomenon affects the size of transaction fees of all cryptocurrencies, the waiting time and so on.